The Dubai Gold & Commodities Exchange (DGCX) has brought the global stock markets closer to the UAE by launching a new product called 'Single Stocks Futures'.

Now UAE residents will have access to US and Indian stocks without opening overseas accounts for buying US blue chips Apple, Facebook, Microsoft, Google and India's Reliance, Axis Bank, Maruti, Tata Motors, and State Bank of India, among others. An account can be opened for as less as $5,000 with UAE brokerages.

"It's a timely move and will provide alternatives to regional investors," DGCX chief executive officer Gaurang Desai told reporters during a media briefing on Tuesday.

In the first phase, DGCX has shortlisted 15 companies with single stock futures on 5 US and 10 Indian companies.

Based on market acceptance and demand for these products, DGCX plans to expand the list of companies covered. This will be driven by the demand and feedback from our market participants and investors.

DGCX Single Stock Futures contracts are designed as Quanto style mini size futures which basically mirror the prices of the underlying stock in US Dollar terms.